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Western Union CEO Hikmet Ersek weighs in on the business of money movement and how it relates to the economy.
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Thanks so much.
OK so Western Union you know the company they brought us the first money transfer the first customer charge card.
The first commercial satellite and even the first singing telegram.
But what is a 160 year old can't be doing to stay current in this economy.
Joining us today we're pleased to welcome picnic -- -- is CEO of western Nina and welcome -- star.
Thank you or -- very well thank you so what.
I think you're doing at west me is participating in this event to promote corporate responsibility and a -- -- specifically for Western Union.
Is that you say education.
Is the main reason people send money around the world so tell me about -- involvement.
Every ability to see that you know we are present in 200 countries do you see you moments of the -- of -- of people -- You do about ten to one transaction a second and be moved about a 150.
Billion dollars a year and it.
And begin that we see also the main motivation reason for the people moving money from one country to other countries is -- education supporting their loved months.
Sending -- -- for you know 3400 dollars every transaction and really it's sending to people.
Back to school sending their children back to school go there about 61 million children -- white.
Which have no access to education.
To support that to be made -- comment meant seeing that.
As you know from the -- is sending them when go to the motivation for months sending -- also made a commitment saying that.
You know -- elected who pulled the people back to school.
Giving -- children don't court ultimately to create economic growth rolled white.
And this commitment there is a million a million days of school.
For the children up to 101000 dollars that they so it's a huge commitment that I and you know it that customers tell us that they need that.
OK so.
Tell me -- about the amount of money being -- around the world and the pace that it's moving and what it says -- got help the global economy.
Well it does tell us a lot that I mean is that 2009.
Prizes before it's -- -- -- Started he already knew that didn't drop creation and the investment over the companies went -- so.
The money.
What's happened less these sold -- in some countries that food earned money -- -- was less.
And it's we see those Somali in this on the European country is that you know -- economical environment is -- a challenging.
Unemployment rates in Spain needs and you know young population about.
14%.
So if there's no jobs there is no also smoke earning money and -- -- sending money however.
Our our business you know isn't one -- two countries -- also proposed.
That's right -- from countries -- enlightening I miss my New Jersey okay.
What are our connection with -- is is really shaking leave it -- a bad connection is I think I do apologize threatened to cut short but we're gonna let you go thank you for sharing your time your business with -- he met her.
